Holding onto it is a smart decision, and you're entering property investing in a solid position.To get started, focus on ensuring that the rental income will cover your mortgage, taxes, insurance, and any maintenance costs, leaving room for profit.

My wife and are implementing this "Nomad Strategy" and are about to start looking for our 3rd property here in Colorado Springs.The major issue right now is interest rates, and the fact that if you only put down a 5% DP and borrow the other 95% at a 6.5% - 7% rate you will not even come close to covering your mortgage with the rent when you move out next year.So, we found a VA assumable loan (FHA loans are also assumable) with a 3% rate and a seller who had an overpriced listing because he was pricing to break-even after paying off his debt and closing costs for selling the home. 

That covered not only the liability from my property to me but also the liability from me to the properties.The umbrella insurers want to be insurance of last resort so will have you beef up liability on your rent properties.

Using it as rental which covers all costs associated with ownership.

Lauderdale, FL•North Palm Beach, FL•Plantation, FL•Pompano Beach, FLThese acquisitions were done creatively, assuming the existing loans via subject-to deals without inspections.

You need some sort of subject matter expertise.

As for the subject at Hand I have a MTR next to the Summerlin NV hospital its a money maker.. 

For example, does it cover which areas are common areas versus private ones?

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

Wanted to know if it's possible to send a tenant to collections after a move out/ evictions for additional charges the security deposit didn't cover.